Class Valuation – Guild Mortgage – Digital Appraisal
Summary
Class Valuation’s advanced tech creates digital twins of a property. Appraisers don’t visit the property or contact borrower (only review digital data) reducing possibility of misrepresentation or bias toward borrowers.
Description
Our goal is to eliminate all forms of conscious and subconscious bias from the appraisal process. Injecting bias into an opinion of value can falsely drive values both up and down (negative bias can deflate home values, whereas a positive bias can inflate home values). The core idea of the Digital Appraisal is to remove personal preferences from the home value and rely on a standardized, scientific, repeatable process to derive a data-driven value. This means no matter who appraises the home, and no matter what their personal beliefs may be, the same, accurate value is delivered every single time. Increasing representation in the appraisal industry is another important step to reduce appraisal bias. The Digital Appraisal structure has the potential to advance a more diverse generation of appraisers into the appraisal industry.
Social media links
LinkedIn: Scot Rose
Twitter: @Classvaluation
LinkedIn: Class Valuation
Articles and media
https://www.mpamag.com/us/specialty/wholesale/can-we-solve-the-appraisal-industrys-problems/243386
If you have a market-based or policy-based innovation or are interested in supporting change, connect with us!